News
LLP Conversion – What is happening?
With effect from 6 April 2009 Paull & Williamsons has converted its business into a Limited Liability Partnership (LLP).
What is an LLP?
A Limited Liability Partnership (LLP) is a corporate body which has members rather than partners or shareholders. It provides limited liability for its members in broadly the same way that a limited company does for its shareholders. It is subject to similar accounting and filing requirements as limited companies and accordingly we will publish audited accounts and other statutory returns as required.
Why is Paull & Williamsons converting to an LLP?
An LLP is a more modern and transparent business structure than a traditional partnership and has been adopted by the majority of major UK law firms. We believe that the combination of greater transparency and limited liability for members will help us continue to attract and retain the best people.
What will the LLP be called?
The new entity is called ‘Paull & Williamsons LLP’.
Who are the Members?
LLPs have members rather than partners, so the partners in the previous partnership have become members of the LLP. However, in line with other law firms operating as limited liability partnerships, we will continue to use the title of ‘partner’ to refer to a member of the LLP.
Will there be any changes to the way the firm conducts business?
Conversion will not affect the delivery or quality of the service that we provide to our clients, nor will it affect our brand, the internal structure of the firm or our day-to-day activities. Clients will contract with Paull & Williamsons LLP rather than the partnership but the same client partner and team will remain committed to you and we will be careful to ensure that none of these arrangements affects your regular dealings with us.
Does conversion have an effect on professional indemnity insurance?
The level and nature of the professional indemnity insurance maintained by the firm will remain unchanged.
What will happen to the ‘old’ partnership?
The existing firm stopped taking on new business on 6 April 2009 and the new LLP is now responsible to clients for all new and current work, rather than the existing firm or any of its partners. The ‘old’ partnership will remain responsible for all work performed before 6 April 2009 and maintain appropriate insurance cover for that work.
Who should I speak to if I have any questions?
If you have any questions about this change please speak to your usual contact at the firm.
